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Problem 1: Which of the following statements regarding inventory accounting is false?
Multiple Choice
Option 1: If the cost of inventory never changed, the FIFO, LIFO and weighted average cost flow would produce the same financial statement result.
Option 2: The input cost changes that occur after the purchase of inventory items in a current cost accounting system are recognized as unrealized holding gains.
Option 3: Although many firms use the LIFO cost flow assumption, there are no examples where the actual physical flow of units is also last-in, first-out.
Option 4: The choice of method for allocating the cost of goods available for sale between ending inventory and cost of goods sold represents the major issue in inventory accounting.
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